Ok, not all of them.
The “Class of 2007” of Singapore Management University (SMU) are getting higher starting salaries than their seniors.
According to the SMU employment survey, their salaries are 6.7% higher than the previous cohort.
Of the 618 survey respondents, 69 got high-paying jobs that pay between $4,000 to $10,000 a month.
And those who got distinctions in their degrees – namely summa cum laude, magna cum laude and cum laude – receive an average starting pay of $3,500.
Congratulations to the SMU Class of 2007.
But the sceptics among us know that results of such employment surveys are always to be taken with a pinch of salt.
Reference: Channelnewsasia article. See also my last year’s post on the previous SMU cohort.
115 Comments
Hey NBS graduate 2007… How long can you expect to take home $180,000 pay packet as an investment banker? I think we should all know by now that banks, although they pay a lot, have a very very short employment lifespan. I.e don’t you expect to get that kind of salary constantly for the next 20-30 yrs. When the oil prices surge, markets react and retrenchment comes in, banking graduates are the FIRST to be retrenched… have you forgotten 1997 Thai bhat devaluation? I thought the top banks were on fire when scores of people were evacuated on the field at shenton! But it turned out to be retrenchment exercise.. SO know what? It is better to be a beer lady earning $2k for 30 years than to be an investment banker earning $180k for 2 years, get retrenched and bankrupt coz still owe money for condo and cannot pay…
I would prefer to be earning $180k for 2 years. Not everyone is as imprudent as you describe.
Even with a comfortable lifestyle, it’s not hard to save half the income, unless you’re like the credit card promoter mentioned somewhere in this site.
With $180k in savings, you can do investment (things are cheaper in a down cycle), or start a small business, or even go for a $2k job for the next 30 years if you don’t mind.
Warrao, where got logic like that? Which one is better, earn 180k for 2 years and then earn normal 3-5k for 30 years, or earn normal, stable 3-5k for 30 years and never earn 180k at all, ever?
Aiya bros and sistas…. the end point is all the same.. It’s either make more $ now or spread evenly till later…. Maybe it’s not the job or the silly bachelors degree lah, if hawkers can make millions, bankers can be bankrupt and CEOs can resort to CBT because of gambling debts, then all I can say is life is either fated, or what we make out of it… Even sell water also can become millionaire… see?
Someone said… we must save money, and also invest wisely, but what happen to taiwanese semiconductor millionaire? He “tann” few million dollars and mortgage his house to start company, then become billionaire… Don’t think your banking graduate and investment analyst will ever say it’s a wise investment… But this chap last life did something right la, maybe 🙂 still become billionaire… Ah Pek at peninsular plaza even better, down to 2 bucks use 1 buck buy TOTO ordinary, also kena 3 million…
So itz not that impt how much you make at the start of the career after grad… there are 30-40 more years for us to fight and prove ourselves… and luck sometimes plays a part too… no need to bother all these things abt starting salary.. when it’s ours, it will be ours no matter what..
Half-baked, what the same? You make 1 million now you can invest and relax while you’re still young. You make 1 million when you’re 73 the most you can do is pass those to your kids only lar.
Of course if you want to look for examples of fate, out of 8 billion people on this earth, will ALWAYS got super unbelievably lucky people lar, uncle down to 1 buck got 3 million whatever… but it’s irrelevant to the huge majority of the people because that kind of luck do not happen to the majority of people.
We’re not talking about toto here, we’re talking about what we can do to get the highest salary possible within our line. Not about fate or whatever.
And what don’t bother about starting salary? Again of COURSE you want to look for examples you will find anomalies lah, like guys whose starting salary is 1k but thanks to FATE then suddenly he got a 900% increase or whatever.
But for the majority of people, your current salary will always determine your next salary. That’s the whole point! That’s why we’re working hard, that’s why we’re working smart, that’s why we’re networking, that’s why we’re visiting salary.sg! If it’s all come down to fate then salary.sg is not necessary already. Just relax if it’s yours it’s yours lor…
Bro Howcome… I think for majority of people, current salary won’t always derermine your next salary. Instead, Long term performance determines our future salary. And long term performance also depends on luck… For example if u studied the right course at the right time suddenly got shortage of your expertise; your boss kena accident and noone left to do the job so your CEO bo pian promote you… Or maybe your new Char Bor boss fell in love with you and gave you a high grade in your annual report… If the opposite happens, like the government scholar who screwed up and kena have to pay back bond money, maybe your salary still the same or worst kena have to quit… that’s where i think luck pays a part.
Yo Bro Howcome, actually what you said was true, we must try our best to create opportunities and maybe a little luck… But sometimes people accidently kena rotten luck lah, like a pizza delivery man work very hard for 16 hours, give his best and always honest… maciam also take courses and upgrade english… On his way to promotion then suddenly one day a cyclist come in front of his motor kena langar and die.. Lan Lan get sacked because blamed for carelessness… So for the few years he slog also no use.. You know this kind of scenario quite common la..
are such benchmark figures just as filled in by SMU/NTU/NUS grads? i know of some jerks with mentality to quote out of this world figures for fun.
I’m pretty much amused by the whole load of funny comments that are present here. It tickles me at times when I see people who sound arrogant start being noisy. In order to command a high income, make yourself worth what your employers are paying. Furthermore, this is only but a starting income, people who start off with 2.4K a month might not neccessarily end up commanding a lower pay than those who were commanding a 3.5K. If you’re being paid for a start 3.5K with a pay increment of 300 annually, whereas a 2.4K having a pay increment of 500 – 800 annually, I don’t see why there’s no reason to choose the 2.4K job instead.
This thread is hilarious. “Half baked” is sounding like a disgruntled cabby. The similiarities are remarkable!
1. Your current BASIC pay will always determine your next pay. Unless you decided to move into an entirely different role. And like “The Trader” has said, the company paying your next salary will price you on your perceived value.
Do your best. Whining and quibbling about fate will KILL your NETWORKING efforts. No one likes a whiner.
So let’s just leave it as that.
Exactly… many people are like this. They say “money is not everything” lah, “not all rich people happy” lah, “money will make you evil” lah, and all that crap. Best course of action is just to stay away.
Was reading through this and was wondering about some questions.
1. 3-4k is the basic starting pay in the bank?
Not really sure about this, I was with one of the largest foreign bank for a while, was offered 2.6-3k depending on my final honours. It was a front office position and its in corporate banking. So was wondering why do people says 3-4k is the starting pay for bank? And further more as a ibanker its not confirm that you earn 8k plus… ibank has a lot of areas, it depends on what you are doing ibanking,some of them only earn 3-4…
2. Banking is the most well paying sector to be in?
Don’t really think so as well, if you are in it just for the money, being a financial advisor is even better. I know this guy who is a financial advisor who claim that his annual salary was 750k three years ago. Anyway my point is there are other good paying jobs out there as well. For example: ship brokering, HR consultancy and the likes. Moral of the story is that there will always be better paying jobs and I hope that to all jobseekers out there: “deciding on a job is not just about pay.”
3. SMU grads earn the highest?
I do not really think so, for example I am a grad of NTU which publicise in the papers that 90% of the gaduates get job offers before they graduate. Personally I think thats quite untrue looking around my peers. Same as for this article, take it with a large pinch of salt. There might be people certainly who earn very high amounts, but certainly they are few and rare.
Anyway thanks to whoever will be reading my two cents of thoughts.
Median is more useful than mean (average) for income survey due to the very high standard of deviation. For a mean of $3500, the median is probably as low as between $2500 to $3000. Not that much of a difference I guess, if it’s not lower than other Us.
It is definitely true that starting pay is something worth mentioning about. Rather than factoring ridiculous reasons such as luck of finding millions from the other floor tile, why not tell yourself that you dont want and need ‘luck’ given your talents. Now that sets the difference between SMU graduates and the other populaion
It’s all just marketing talk. Job placement in the current economy shape is no problem. Almost everyone can get a job rather easily. So now they turn to starting salary as a way to further put themselves a cut above other varsities.
We know 10K/mth as a starting salary isn’t impossible and SMU happens to use their story as life example to tell you you can have your 10k/mth too. I am sure many other universities also have fresh graduates commanding that kind of salary, so really, it’s not the school that you get into.
Very short-sighted view but looks like it is working for the young people. Work with passion, learn and make mistakes. Money will come to you naturally.
I am a curtin grad, results is mearly passable…Holding a Treasury post…Getting the $5k range…is currently 25yrs old. Am i considered underpaid? Expenses in spore getting higher, i drive, frequent expensive restaurants n hotels, drinks quite often, buys things without thinking, likes to give treats to friends…felt that $5k is just suffice to use, no savings…felt that i am underpaid…Anyone has good ideas on how to ask the company for more?
Firstly, you’re a Singaporean?
Because 5k a month at 25 yrs old and male (assuming you’re male although Joey may be used for a girl as well) is very good salary considering that you went to a lousy uni with lousy grades.
Those in your age group that earns more than what you are drawing, are either in IB in UBS,Goldman,Lehman etc etc or pimping themselves doing sales (financial services,real estate etc) or broking (oil,bunker,money etc) jobs.
So if you are not lying about your pay, you should just learn to manage your income stream and expenditure alot better instead of asking your company for more because as it is,they’re over paying you already.
Hi all i am from the 2005 batch graduate from SMU.
Just want to clarify not all graduates from smu earn $4k-$10k in their starting salary.
I am currently unemployed for 3 months. recent offer include temp job $8 per hour. The employers say i am over qualified for the job. Before that i did $7 per hr job in singtel shop promoting hp.
I am not giving up though, still trying to get perm job.
The statistics may just be a marketing gimmick, to lure more students to enrol.
like one guy said, nowadays the market is flooded with graduates. 7 out of 10 people are graduates.
The $4k-$10k may be true for pple doing sales, with their commission thrown in. But for govt jobs, there is a certain scale pay pegged to your degre certs. For example, say u have a honours degree n sign on police, as an ASP, u can earn easily $3.8k.
But in private industry, the starting pay will be lower, about $2-2.5k, but personally i feel $4k-$10k basic a month is too exaggerating
I am amazed at some of the dumb comments here. 3k for a grad at age of 24 is a fantastic salary. Remember, his/her salary is not going to stay the same for ever. I started with one of the big 4 firm 12 years ago at exactly S$1850 per month. I was able to save enough (downpayment) to buy my first HDB flat with my wife in 3 years time. My annual salary now is in excess of 200K per year.
Work hard, stay focused and you will be rewarded.
I thought i mentioned ’12 years’ ago? 🙂 btw, i am no longer with the big 4.
HCT
That’s awesome, congratulations!
Btw I need some advice here. I am currently facing some dilemma w.r.t my degree choice. I have offers for law, acctancy or econs from the local unis. Dono what to choose
Is it true that the type of degree will determine your future remunerations? Cuz I like econs but many people have been urging me to do accountancy or law because they have greater career prospects. Should i follow my heart and do what I like or follow my head and choose the most lucrative choice?
Even if I do accountancy, does it mean that I will definitely be earning >200k like you afte 12 years? I am seeing more and more people with accounting qualifications such as degree, external degree,overseas degre, acca etc its really competitive in a scary way.
Accountancy – you won’t be starved. You will always get a job. The starting pay is lower (or among the lowest) but increment is high and more frequent. There are different type of ‘accounting’ careers. From Finance, Treasury, Tax, Internal Control, Accounting.
Laws – One of the highest graduate pay if I remember correctly. You must like it to be able to do well in it (same as any other professions really!). High stress level and working hours (in the ‘hard core’ areas).
Economic – Not very familiar with this, but i thinks folks with (good) eco degrees usually end up with good industries such as IB, or MAS or etc.
Accountancy is a safe bet as there is and will continue to be shortage of accountants. Where you start off your career is very important. Big 4 or Big MNC is highly recommended. If you start off with big 4, career path is very predicable. First year S$2k, by the end of the 6th year, you should be on $7k/mth. Bonus ranges from 3-4 months. Ie, total annual package around 100k. If you ask me, not a bad package for someone who is in the late 20s. If you continue to stay in big 4 and aim for partnership, man, the sky is the limit in terms of pay. Easily few hundreds Ks by the time you are late 30s. If you venture out to join commercial firms (eg, MNCs), you can become finance manager -> CFO -> Finance Director -> VP -> Overseas assignment….equally rewarding career IMHO.
Do what you like and follow your heart (Provided you know what you like…..:-). If not, do something safe and hear what the elders have to say (aka your parents). Obviously, if you hate numbers, then do go to accounting. Likewise, if you hate arguing, don’t go to law.
Hope the above helps.
correction – if you hate numbers, then DONT go do accountancy.
HCT
Thanks alot for your insightful comments. 🙂
However, I really do wonder how many become CFOS and finance directors in the end. There are so many accounting grads now (overseas grads from aus and other SEA countries, ACCA grads, private uni grad such as SIM, 3 local public uni grads)yet there are only a limited number of CFO positions.What happen to the rest who dont make the cut?
Care to share with me about your specific career experience? Is the prospects of accounting degree really so good?
There are so many companies listed on the SGX, each one of them would need a CFO or finance director. In addition, all the foreign MNCs which are set up here, would need a CFO or finance director. That’s a lot of finance director or CFO we are talking about. Other than finance / CFO, there are other areas in finance which are well sought after, eg, Treasury, IC…etc and you will be amazed that some of these are even better rewarded then the main stream Finance jobs.
It’s true that they are many accounting grads now. However, employers know which are the reputable unis so I would’t worry about that.
Is accounting degree really so good? Like I said earlier, you won’t be starved. You will get a decent job with a decent pay. There are other better paying jobs out there but comes with the stress level. If pay is the only goal you are looking at, then i suggest Medicine as a career. You don’t need to go to see the car show at Expo, just go to Mt E or Gleneagles to see the latest Porche, Ferraris, or even Lambo / Bentley!
i noticed an interesting trend here, in SG,
1st choice — get into work in Big MNC with big money
2nd choice — get into goberment company earning stable salary and good bonus
3rd choice — anyhow find a job relevant to your degree and start working
4th choice — change field
5th choice — own career ??
In Taiwan, US and Korea
1st Choice — starting up own business
2nd Choice — starting up own business
3rd Choice — starting up own business..
Singapore was ranked first again as most business friendly country, where is all the young, energetic technopreneur ?
Hi Jefefe
i agree with you. I think it has got to do with the kiasu syndrome here. Singaporeans are risk adverse.
Hi Jefefe
Thanks for your comments.
IMHO, I think you shouldn’t extrapolate a few examples and conclude that Singaporeans are a risk-averse lot lacking in entrepreneurship.
There will always be a mix of people with different objectives. Some (like me) simply want to work a few years to gain some experience and at the same time learn more about their own wants in life. Entrepreneurship shouldn’t pursued for its own sake. Some struck opportunity during their degree studies and decide to follow through 100% by quitting school. Its really a matter of timing, opportunity and desire. These are very individual factors and hence no one case can speak for the entire working generation. Not everyone leaves school with a burning desire to start a business.
Speaking for myself, I have seen countless examples of healthy and successful entrepreneurship, including that of my father. As with any country including those you have mentioned, Singapore has its fair mix of different types of personalities. Everyone should do whatever they are passionate/floats their boat, and entrepreneurship does not neccessarily fall in these categories for all.
Hi Don,
I mean no criticism here, is true that everyone should drive their own boat and Singapore is a place with fair mix of personality.
It just that the batch of people that i encounter, compare to the the people i know in the countries i mentioned above really show such differences..
Is the passion that you can feel from them.
We should feel lucky of the EDB initiative “1 dollar to 1 dollar” technoprenuership funding program.. i was thinking if Singapore can have another 50 more Creative (or rather the Uncle Ah Hock)kind of entrepreneur, then our share in consumer electronic market may have a fight with Taiwan and Korea.
A bit out of topic, anyway i agree that working for few years to gain experience before you start up anything is always good, you should start up something you familiar with..
Cannot always depend on how much people willing to invest on us.. try to let ppl depend on our investment 😉
Anyway, good luck to all the Fresh Grad on job hunting, this yr still consider a good yr, next yr may not be so.. 🙁
You know something, i notice fresh grad nowadays think that is a norm for them to get a starting pay 2.5k and above, i even hear someone in the forum said “forget about working if your boss pay you less than 2.4k…”
Sigh.. no wonder we need to import so many cheap engineer..
there are no hard n fast rules. and statistics being numbers and mathematics, its good as a gauge but not the exact actual fact.
there are always people making more than the conventional graduate of certain faculty or specialist. likewise, there will be people on the other end of the spectrum.
to be honest, most graduates or working folks belong to the middle strata. making 100k per annum does looks good (and feels good). however, its not alot compared to those who can make millions a year in sg n the world.
singapore is an open economy remember..we see lotsa of people
wait and wait, you are wrong. Education subsidy are provided by government so students in Singapore only need to pay about S$24k for 4 years of uni education.
wait and wait obviously has been waiting, but not sure for what.
He/She expects a graduate to be buying a car and a house straight away. He/she thinks graduate will be stuck with 3500/mth for rest of his/her career and hence as career as a beer lady (no offence) is a better off choice. He/she also thinks that spending 100k on further eduction is a stupid idea (nevermind that it’s subsidized by the gov’t so end $ is much lower as pointed out in #98).
It’s people with this kind of narrow mindset that worries me. Not surprised why we have so many FTs today because our own people are so SHORT SIGHTED!!!
Ref to Jefe’s post earlier and my subsequent post. Singaporeans are not as risk averse as some of our neighbours. There are not enough entrepreneurs. So what if we have global well known companies such as SIA, Capital Land, Keppel Corp, SembCorp, Singtel, NOL, ST Eng….but do you realise that all these are GLCs? We have creatives….but honestly, it’s not really doing that well is it? In Korea, there is the LG, Samsung and other high tech industries. In Taiwan, there is the Acer, Evergreen Marine, Foxconn, HTC, Asus and heaps of other OEMs which mfg the Apple, Nokia gadgets that you have.
This has got to do with people’s mentality and ultimately it is all linked to Kiasu syndrome. We have put in some much effort in our study / eduction that it would be a waste if we don’t climb the corprate ladder (unfortunately, I am one of those).
HCA wat are u talking about?
SG not risk averse = risk loving or neutral. So wats this about not enough entrepreneurs?
There are lotsa creative people in Singapore making their earnings not being an employee or salary receiver. Thats being creative too. Artists, painters, song writers, musicians, engineers, architects, designers and all are creative.
So if your creative equals making big bucks, Singapore has to be very creative too. We got lotsa Millionaires!
And if you compare SG to Korea or any other bigger countries it is not that fair. U need a critical mass to be “creative”, going by your definition of Acer,LG,etc. Without the mass supporting these MNCs, without the proletarians you think the capitalism gonna work?
Studying and education is definitely one of the ways to get out of poverty and attaining higher living standards. Without those basic needs, creativity aint getting you anywhere. Of course, a drug peddler, vandal, crook or criminal can be creative too..
I agree there are a lot of creative people, but that’s not what we are talking about here. We are talking about entrepreneurs.
There aren’t as many entrepreneurals vs other countries. Singapore workforce – a highly educated one and because of this, people are less inclined to go out and strike their on their own!
correct me if you liked, i know a lot of people who strike it on their own. it is just that they have not been successful.
so if you are talking about the success rate of being an entrepreneur here in singapore and benchmarks being wealth n global branding, you are right Singapore is lacking.
however, i do not think its solely based on our culture and society, the critical mass and outreach is just not there.
We are getting there. It’s a evolving economy and changing in mindset. Gov’t is encouraging people to be entrepreneurial. You can see this from diff govt agency providing some form of support to SMEs and entrepneural projects. Critical mass is one thing, but i do think culture and society plays a big part. Just look at HK. People there are more entreprenuerial. Not right or wrong, just a fact.
At the end of the day, Singaporeans are known for being kiasu, this is a fact.
HCA,
HKs are more determined and goal driven than SGs.
If you like, how many HK companies are global?
Anyway, nothing further to discuss. Its good to let off your air here. we all need an outlet these days to let off steam..its not healthy to bottle them..
I can name a few! Li & Fung, Hutchinson Whampoa (which own Watson, 3, mega ports, utility / infrstructure group, and if i am not mistaken, at one stage owned big chunk of Vodaphone!); Cheung Kong Holding, Swire Pacific; Cathy Pacific; Shangri-la, Mandarin Oriental and some mega developers – ALL privately owned!.
Are HKers more determined and goal driven than SGs? or are they more entrepreneurial? or both? upto your interpretation.
we have GIC n Temasek employin some of the best brains in singapore. SIA, Singtel, PSA, etc…
well not exactly private owned. if thats your point… 🙂
I totally agree with you that that we have some of the best brains in Singapore in the Govt Linked Companies such as SIA, Singtel, PSA…etc. I can’t imgaine what will their achievement be if they strike out on their own. They could well be some of the best entrepreneurs in Asia. However, unlikely they will do that, becuase of their highly paid job!! THat’s my point!
So what are the Job and the course of study allow them to achieve highly-paid job such as 10k/mth ?
excluding specialist roles in medical and law industries..
high paying graduate entry level jobs include private equity, investment bankers, banking sales or wealth management, management consultants etc..
90% of these jobs, in respectable companies, command more than 5,000 a month for entry level graduates.. up to more than 10,000 especially for PE and IB guys..
If you are referring to graduate pay with 10k/mth, i do not know of any (or rather many) graduates with 10k/mth upon graduation. And in today’s climate, i am not sure if the PE and IB roles still exist, esp for Graduates!!!
Like i said earlier. Do something you like, stay focused, and you will be rewarded. This is true for ALL professions.
Remember that some SMU students have rich fathers. And once they grad, they join father’s business as a manager or a director.
So SGD10k is possible.
Why then is the average low?
Some who chose to be private tutors can dont declare salary. And those who went to further studies are not earning anything.
Forget the extremes.
Life is like bowling, just play your best and you can score. Doesn’t mean he get SGD10k you cannot.
Be motivated, take it as, if he can earn SGD10k, I can too. Go get it!
DT, great sayings..
I am really wondering which company is doing their sums so wrongly that they pay out 10k to a fresh grad.?
Well, it could happen if that these fresh grads are actually experience managers whom had worked many years in their field and now going into SMU for upgrading degree courses and of course, when they graduated with their new degree course, they are considered fresh grads and at the same time, getting a pay rise above their present wage. That is one possible permutations and not to mention further permutations.